Group 1: Market Analysis - On December 4, 2025, the main contract 2605 of lithium carbonate opened at 93,800 yuan/ton and closed at 93,700 yuan/ton, with a -1.26% change in the closing price compared to the previous day's settlement price. The trading volume was 663,458 lots, and the open interest was 560,629 lots, down from 562,836 lots the previous day. The current basis was 760 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 10,422 lots, a change of 770 lots from the previous trading day [1] Group 2: Spot Market - According to SMM data, the price of battery - grade lithium carbonate was 92,200 - 95,800 yuan/ton, a change of -350 yuan/ton from the previous trading day, and the price of industrial - grade lithium carbonate was 90,500 - 92,600 yuan/ton, also a change of -350 yuan/ton. The price of 6% lithium concentrate was 1,175 US dollars/ton, a change of -30 US dollars/ton from the previous day [2] - The downstream material factories' inquiry and trading activities are becoming more active. The annual long - term contract negotiations between upstream and downstream enterprises are still ongoing, with the focus on next year's price coefficient and procurement volume [2] - In December, the domestic lithium carbonate production is expected to continue to grow, with a month - on - month increase of about 3%. In terms of demand, new energy vehicle sales in December are expected to be strong, and the energy storage market will continue to have strong supply and demand with a tight supply situation. The production schedules of cells and cathode materials in December are expected to remain high but decline slightly month - on - month. Overall, lithium carbonate will continue to be destocked in December, but the destocking rate will slow down compared to November [2] - According to the latest weekly data, the weekly production increased by 74 tons to 21,939 tons, the production from spodumene and mica slightly increased, and the production from salt lakes slightly decreased. The weekly inventory decreased by 2,366 tons to 113,602 tons. The inventory in smelters and other links decreased, while the inventory in downstream links increased, and the consumer end still performed well [2] Group 3: Strategy - The market fluctuated widely on the day, inventory continued to be destocked, and consumption provided some support. The resumption of production at the mine end is in progress and is expected to gradually resume. There are significant differences in the consumption forecast for the first quarter, with expected decreases in the power battery segment and high levels in the energy storage segment. Attention should be paid to the inflection points of consumption and inventory [3] - For the single - side strategy, short - term waiting and seeing is recommended. There are no strategies for options, inter - period, cross - variety, and spot - futures operations [3][4]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The price of lithium carbonate is in a range - bound oscillation, with weekly production hitting a new high and inventory being depleted [1] 3. Summary Based on Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts Data**: - For the 2511 contract, the closing price was 72,880, down 760 from T - 1; the volume was 502,269, up 158,406 from T - 1; the open interest was 281,411, down 13,213 from T - 1 [1] - For the 2601 contract, the closing price was 72,940, down 860 from T - 1; the volume was 107,180, up 34,164 from T - 1; the open interest was 172,012, down 3,395 from T - 1 [1] - **Other Data**: - The warehouse receipt volume was 39,354, up 120 from T - 1 [1] - The spot - 2511 was 570, down 490 from T - 1; the spot - 2601 was 510, down 650 from T - 1 [1] - The 2511 - 2601 basis was - 60, down 160 from T - 1 [1] - The difference between electric carbon and industrial carbon was 2,250, unchanged from T - 1 [1] - The spot - CIF was 6,991, up 278 from T - 1 [1] - Lithium spodumene concentrate (6%, CIF China) was 858, up 1 from T - 1; lithium mica (2.0% - 2.5%) was 1,815, unchanged from T - 1 [1] - Battery - grade lithium carbonate was 73,450, up 300 from T - 1; industrial - grade lithium carbonate was 71,200, up 300 from T - 1 [1] - Other related lithium - salt and downstream product prices also had corresponding changes compared to T - 1 [1] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 73,464 yuan/ton, up 348 yuan/ton from the previous working day; the average price of battery - grade lithium carbonate was 73,450 yuan/ton, up 300 yuan/ton; the average price of industrial - grade lithium carbonate was 71,200 yuan/ton, up 300 yuan/ton [1] - This week's lithium carbonate production was 20,363 tons, up 400 tons from last week, and the industry inventory was 137,531 tons, down 981 tons from last week [1] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, with the range of values being integers in the [-2, 2] interval, where - 2 means most bearish and 2 means most bullish [3]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report focuses on the current situation of lithium carbonate, indicating that inventory depletion is limited and the price is in a range - bound oscillation. The trend strength of lithium carbonate is - 1, suggesting a relatively bearish outlook [1][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2509 contract, the closing price was 78,140 yuan, down 900 yuan from T - 1; the trading volume was 12,780 lots, down 2,247 lots; and the open interest was 22,844 lots, down 6,370 lots. For the 2511 contract, the closing price was 78,140 yuan, down 720 yuan from T - 1; the trading volume was 805,585 lots, up 75,940 lots; and the open interest was 347,063 lots, down 4,259 lots [1]. - **Warehouse Receipts and Basis**: The warehouse receipt volume was 28,957 lots, up 1,480 lots from T - 1. The basis of spot - 2509 was 1,860 yuan, down 700 yuan from T - 1; the basis of spot - 2511 was 1,860 yuan, down 880 yuan from T - 1 [1]. - **Raw Materials and Lithium Salts**: The price of spodumene concentrate (6%, CIF China) was 889 dollars, down 31 dollars from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,915 yuan, down 55 yuan from T - 1. The price of battery - grade lithium carbonate was 80,000 yuan, down 1,600 yuan from T - 1; the price of industrial - grade lithium carbonate was 77,700 yuan, down 1,600 yuan from T - 1 [1]. - **Related Products in the Industry Chain**: The price of lithium iron phosphate (power type) was 35,205 yuan, down 385 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 114,100 yuan, down 300 yuan from T - 1 [1]. 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 79,942 yuan/ton, down 1,729 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 80,000 yuan/ton, down 1,600 yuan/ton; the average price of industrial - grade lithium carbonate was 77,700 yuan/ton, down 1,600 yuan/ton. The lithium carbonate inventory this week was 141,136 tons, a decrease of 407 tons from last week, and the production this week was 19,030 tons, a decrease of 108 tons from last week [2]. 3.3 Trend Strength - The trend strength of lithium carbonate is - 1, with the value ranging from - 2 to 2. A value of - 2 represents the most bearish view, while 2 represents the most bullish view [3].